xero accounting review

Also, it performs daily data backups and regular auditing across multiple servers. On its official website, Xero claims to have 99,9% uptime and guarantees no disruption for your business activities. When it comes to Xero reports, you can improvise, build, and rearrange at full scale. Create a report from scratch or save it as a custom layout for repeatable use. Rearrange the columns, change groups of accounts, edit the schedules, and add your own formulas. As a result, you get an absolutely personalized diagnosis of your financial health.

xero accounting review

All three plans come with an optional add-on for payroll with Gusto for $40 per month plus $6 per month per person. Finally, even the software vendors themselves are telling the world that their AI offerings aren’t really there yet. Xero provides a range of sales reports to monitor your receivables.

Is Xero better than Sage?

Its cloud-based nature and multicurrency capabilities make it suitable for online sellers engaged in global transactions. The Xero App Store features an extensive selection of over a hundred apps that seamlessly integrate with Xero. Whether users require specialized accountant tools or CRM solutions, integrating Xero with existing software services is a straightforward process. Xero is best suited for sole proprietors and small and growing businesses as it’s more affordable than its competitors and offers a good deal of features.

xero accounting review

Xero offers a highly guided setup process that walks you through every aspect of the software with pop-up windows and tutorials (Figure C). It also provides a demo company account that allows you to practice on dummy data. Customers who are brand new to accounting software will especially benefit from this level of help. FreshBooks offers unlimited time-tracking in its lowest-tier Lite plan, whereas Xero users would have to opt into the highest-tier Established plan for that feature. It provides enhanced security measures and guarantees no disruptions during your financial operations. Xero reporting allows you a deep dive into the real-time financial stats within any period of time.

Contact info for Xero

Many of Xero’s recent integrations also allow for easier and more efficient bill pay by syncing accounts payable and receivable data with the accounting software. Today, we are excited to dive into a comprehensive Xero Accounting Review, exploring the features and benefits of this online accounting software. Let’s take a look into our latest Xero is an online accounting software tool that is suitable for self-employed individuals, small businesses, and expanding companies. It offers a range of services to simplify financial management and streamline operations. Xero is robust, cloud-based software with strong accounting, ample integrations, and some great features.

It offers tons of automations to save your business time, such as automatic sales tax lookup, group invoicing, and default email templates. The new sales overview and bills overview pages are a nice addition. Not every accounting software we reviewed offers a mobile app, so we appreciate Xero’s full-featured mobile app capabilities.

Key features

Our Field Guide answers your essential questions and breaks down the features most important to your business, so you can buy with confidence. Xero allows you to import data from other programs in both TXT and CSV format. It also allows you to import from a QuickBooks file format with Xero’s conversion tool, which converts US QuickBooks accounts from QuickBooks 2007 or later. It can automatically convert the current and previous fiscal year, and you can convert earlier years by purchasing one of Xero’s add-ons. Unfortunately, Xero cannot convert payroll information, closed purchase orders and quotes, or bill reference numbers. Does not necessarily include more advanced reconciliation features like three-way trust account reconciliation.

  • This way, you can clearly compare customers and direct your efforts accordingly.
  • This gets you 5 invoices and quotes, lets you enter 5 bills and reconcile 20 bank transactions.
  • Use the short-term cash flow tool to check your cash flow within 30 days with no manual setup.

Instead, customers can visit the Xero Central support site or raise a case online. A representative typically responds to a case within a few hours. Includes tools that help automate the reconciliation process, along with a global search function; has a simple layout and a customizable dashboard. Many or all of the products featured here are from our partners who compensate us. This influences which products we write about and where and how the product appears on a page. Payments are due by the end of your monthly billing period based on the date you purchased your subscription.

Top 15 Small Business Accounts Payable Software

The platform’s dashboard organizes your information so you can view when each bill is due, see current and projected expenses, and stay on top of purchase orders. Xero excels in invoicing and bill management, offering robust features that streamline these processes how much do bookkeeping services for small businesses cost and reduce manual effort. It also has inventory accounting capabilities, providing businesses with effective tools to manage their stock efficiently. However, it is important to note that some advanced features are restricted to higher-priced plans.

Time Tracking

Zoho Books offers a forever free plan of its accounting and invoicing software, which sets it apart from competitors, in addition to five paid plans that start at $15 per month. Helpful features include quote sharing with clients, multiple payment options and auto-charging for recurring transactions. NerdWallet’s accounting software ratings favor products that are easy to use, reasonably priced, have a robust feature set and can grow with your business. Xero launched and updated many advanced financial integrations in the past several years, with features like multi-currency support, reporting tools, and expense and project tracking. We feel these features make it easier for companies to organize their financial information.

This accounting software enables you to track all of your projects and jobs. You can prepare quotes, estimate prices, submit invoices and then get paid. With Xero, you’re able to track your time and expenses and then view your profitability on your dashboard. These tools can also track schedules and expenses for your own projects, such as redeveloping a property you own or opening a new location. The software also integrates seamlessly with Gusto for efficient payroll management. Xero provides a free 30-day trial period for users to explore its features before subscribing to one of the three available plans.